Des Moines (IA) Auto Loans

Getting a new car or truck without help from a loan or lease is pretty unusual these days. Many times, your car loan package will be arranged in the F&I office, but this can be a very time consuming process. Why would you waste time applying for financing at the lender or dealership when you can apply right now through our site?

You could be behind the wheel of a new car tomorrow.

Auto Finance Rates in Des Moines

The interest rates below aren’t anything but estimations to give you an idea of what rate can be expected given where you are and your FICO score. The rate you’re offered may vary substantially from what you see here.

Credit Rating

New Car

Pre-owned Car

Excellent

3.4%

3.4%

Good

5.1%

4.6%

Average

6.7%

7.1%

Subprime

9.4%

9.8%

Bad

12.8%

12.4%

Very Bad

NA

12.4%

Used Car Financing in Des Moines

By and large, companies charge slightly higher interest rates for pre-owned cars and trucks. However, used vehicles are more economical in the end, and they depreciate less. Take a look at the numbers below.

Age

Price

Rate

Months

Payment

Interest

Total Cost

New

$27,500

6.00%

60

$531.65

$4,399

$31,899

1 Year

$22,000

7.50%

60

$440.83

$4,450

$26,450

2 Years

$18,700

7.50%

60

$374.71

$3,783

$22,483

3 Years

$15,895

7.50%

60

$318.50

$3,215

$19,110

A second hand vehicle is a great option, whether you’re financing or not. Here are the most popular limits on used car loans:

Car no older than 7-10 years.

Mileage no higher than 100,000 miles.

Purchased from dealer, not private party.

Poor Credit Auto Loans in Des Moines

Credit history is a key factor when it comes to loan approval and interest rate. With a credit score of 680 or higher, securing an auto loan should be a breeze, but approval and annual percentage rate both become issues for people who have bad credit. Before the internet, you really had to settle for whatever APR rate and stipulations they presented you. Today, there are better methods to get financed.

If you can, you should avoid turning to a no credit check car dealership. These buy here pay here dealers are infamous for aggressive sales tactics. The annual percentage rates are very high, and the cars and trucks are likely to be price over market value.

Usually, it’s better to work with a regional bank or loan provider. An established bank or finance company will report to the credit reporting agencies, which means your credit score will improve as long as you keep making your payments as agreed.

Limiting Your Annual Percentage Rate

There are a variety of strategies to lower your annual percentage rate. First of all, you should attend to any mistakes on your credit report. A lot of people don’t realize that, once per year, you can check your credit report completely free via www.annualcreditreport.com. Des Moines has a variety of credit restoration agencies to help you fix these types of mistakes, or you can file the dispute all by yourself. If you haven’t got a favorable credit record, adding a cosigner could contribute to a more economical interest rate.

Zero Down Financing in Des Moines

Are you looking to buy a car or truck with zero money down? The truth is, getting a car financed with no down payment is in some cases impossible. By completing an application online, you may boost your odds of securing this sort of a deal. Banks and dealerships can view what you want your down payment to be upfront.